GRAND RAPIDS, Michigan — It's Tuesday, and we need to discuss the gas prices observed last week across West Michigan. On Friday, Sept. 12, drivers were paying an average of less than $3 a gallon in the Greater Grand Rapids area, with an average of $2.85 in Kent County.
And now, more good news as we head into fall: OPEC has announced it will increase oil production in October.
"In about three weeks, they'll increase production by about 100,000 to 200,000 barrels a day," GasBuddy analyst Patrick De Haan said. "However, we're talking about the global economy, which consumes about 100 million barrels of oil per day."
So why does this affect us here in West Michigan? When the global oil supply increases, the price of oil typically falls. We've seen oil prices hover around $60 a barrel. Compare that to January 2025, when prices were near $80 a barrel before OPEC began increasing production in March. This has helped soften gas prices in the region ever since. De Haan said the lower cost of oil may not benefit our gas prices in the long term, as global economies are starting to consume more.
"As OPEC raises production, you may see the psychology shift regarding OPEC's available spare capacity, which could eventually drive prices up," De Haan said. "What we're seeing here is that the additional oil OPEC is supplying to the market is being absorbed by increases in consumption."
We are about a week to a week and a half away from the switch to a cheaper blend of gasoline, which should be reflected at gas stations across the board by early October.
